Veterans continue to receive world-class financial benefits and services via Veterans Benefits Banking Program

Veterans recognize the importance of long-term financial well-being, and the Veterans Benefits Banking Program (VBBP) helps them achieve that goal. VA partnered with the Association of Military Banks of America (AMBA) to create VBBP—which helps Veterans and beneficiaries open low or no cost bank and credit union accounts.

VBBP also provides free financial education, financial counseling and credit counseling.

Discussing VBBP, VBA Chief Financial Officer Charles Tapp stated, “VA works tirelessly to ensure Veterans receive their benefits in the most secure and safe way. Partnering with AMBA on VBBP helps us meet that mission. Expanding this program further to include financial counseling and education offers our Veterans the protection and growth of the benefits they earned through their service.”

Retired Air Force Major General Steven Lepper, AMBA president and CEO, emphasized the importance of this partnership with VA and said that “serving Veterans requires a particular understanding of the financial challenges of the Veteran and military communities.”

VBBP helps protect your family from falling victim to fraud

Several scams and illegal business practices target Veterans and members of the military community every day. Over the four-and-a-half-year period from January 2018 through June 30, 2022, there have been over 240,000 fraud cases targeting Veterans and about 51,000 fraud victims reported losses. Total losses during that time amounted to $480 million. For this reason, VA is dedicated to ensuring all Veterans are equipped with the knowledge and resources they need to protect their benefits. VBBP encourages Veterans and beneficiaries to enroll in direct deposit for their VA benefits, as direct deposit is the cornerstone of VBBP and is the most effective way for Veterans to protect their benefits from fraud. VBBP also offers educational resources and tools to help Veterans learn how to identify, avoid and recover from fraud.

Successfully promoting direct deposit and educating Veterans for three years

The success of this program has been impressive.

“Since the creation of VBBP in 2019, more Veterans and beneficiaries receive their benefits payments via direct deposit, which has also reduced fraud by 93 percent,” Tapp said.

In addition, more than 190,000 Veterans have enrolled in direct deposit for their VA benefits since VBBP began; and as of October 2022, there are 43 regional and/or national banks and credit unions that participate in the VBBP program. These institutions protect accounts and encourage Veterans to become financially responsible by helping them learn how to manage their expenses and save their income.

To assist with that effort, VBBP now provides a wide range of benefits and services, including financial counselors who can provide Veterans with guidance on financial practices and create personalized family plans.

When asked about their experience utilizing VBBP’s available financial counseling services, an Air Force Veteran said, “My counselor was incredibly knowledgeable and happy to answer my questions. I now feel ready to take on my financial future.”

Financial counselors can guide Veterans and their families through the process of drafting a budget or debt-reduction plan, purchasing a home, or saving for retirement. To learn more about the financial counseling process and to find a nearby counselor, visit the VBBP Financial & Credit Counseling website.

For more information

To learn more about VBBP and whether you and your family are eligible, visit VBA’s VBBP website. Here you can watch videos, download pamphlets and flyers, and apply to be a part of the program.